American Silver Eagle Sales Break Record
US Mint set a new record for American Silver Eagle bullion coins this year.
The mint sold over 44,850,000 ounces of American Silver Eagles, topping the previous record of 44,006,000 ounces set last year. Analysts expect the final sales total for 2015 to come in between 45 and 47 million ounces.
That total could have climbed even higher were it not for persistent shortages that forced the mint to put the coins on allocations several times this year. Last July, the US Mint completely sold out of Silver Eagles, as the Greek crisis and accompanying economic uncertainty helped drive a spike in sales over the summer.
The sales record continues an ongoing trend of steadily increasing demand for American Silver Eagles since the 2007 financial crisis, according to Newsmax:
Since 2007, American Eagle silver bullion coin sales have increased every year. It began setting new historical records in 2008 after selling 19,583,500 ounces, surpassing the prior record of 10,475,500 ounces set in 2002.”
American Silver Eagle sales have followed generally robust demand for silver globally, and the US Mint isn’t alone in setting records. The sale of Royal Canadian Mint’s Silver Maple Leaf bullion coins will likely exceed 30 million ounces this year, setting a new record.
Globally, silver bullion coin sales hit record highs in the third quarter of 2015, totaling 32.9 million ounces. That represents a 95% year-on-year increase. A summary of the market review notes North American sales jumped an even more robust 103%.
Meanwhile, China continues on a record silver-buying pace. Based on the current trend, Chinese silver imports will top 3,000 tons in 2016, making it the best year since 2011.
According to Newsmax, tomorrow is the last day the US Mint will produce 2015-dated coins, and sales will end next week:
The last sales of 2015 silver bullion coins will be on Monday, December 14, 2015. Because demand exceeds supply, the United States Mint will allocate the remaining inventory. Then 2016 dated coins will begin production and inventories built to prepare for new sales beginning on January 11, 2016.”
Strong demand for silver is running up against tight supply, and analysts expect this year to mark the third straight annual silver deficit. Flat mine production coupled with the demand-spike for silver coins are among the factors figuring prominently in the predicted physical deficit.
Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!